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Friday Roundup: Kaushik Basu meets CSOs; debating India’s jobs scheme; and tracking fast growing economies

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In an interesting post on “From Poverty to Power,” Duncan Green writes about our Chief Economist, Kaushik Basu. Commenting on a recent roundtable for CSOs held in London, Duncan highlights Kaushik’s views on redistribution, taxation, economists, climate change and  multi-player sudoku. With his prior experience in the Indian Government and emphasis on thinking outside the ‘reductionist stereotypes,’ Duncan writes that Kaushik “could prove to be an interesting and innovative voice at the Bank…” Read the entire post here.

On November 16, Kaushik delivered a lecture at Brown University titled ‘From the Slopes of Raisina Hill: India’s Economic Reforms and Prospects’. Watch the video here. He’s posted a power point on ‘The Global Crisis and the Impact On Emerging Economies’ that was delivered at a UNU-Wider seminar on November 26.

Chart: Jobs account for much of the decline in extreme poverty

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From the World Development Report 2013.

Quantitative analysis confirms that changes in labor earnings are the largest contributor to poverty reduction. In 10 of 18 countries, changes in labor income explain more than half the reduction in poverty, and in another 5 countries, more than a third. In Bangladesh, Peru, and Thailand, changes in education, work experience, and region of residence mattered, but the returns to these characteristics (including labor earnings) mattered most. Just having work was not enough, given that most people work in less developed economies. What made a difference for escaping poverty was increasing the earnings from work.

 

Turkey, India’s inflation, a new WTO tool, growth & happiness, and migration & remittances update

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Timothy Taylor, Managing Editor of the Journal of Economic Perspectives, re-posts a classic Thanksgiving blog on turkey supply and demand from last November on the Conversable Economist. Read it here.

 ‘Purchasing power parity wages and inflation in emerging markets and developing countries’ is the topic of a new Indira Gandhi Institute of Development Research (IGIDR) working paper by Ashima Goyal that explores the puzzle of the persistent deviation of real exchange rates from purchasing power parity (PPP) values. According to the paper, the conundrum exists because nominal shocks, which cause such deviation, are expected to have only short-run effects. Balassa Samuelson (BS) explains what happens when some goods are non-traded and looks at price differences in advanced economies. However, consistently higher inflation in emerging or developing economies presents separate challenges. Goyal presents a framework that grapples with this, drawing on the case of India.

Friday Roundup: Poverty and MICs, Aid Data, Gender Equality, James Bond & a Call for Papers

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In a post last week, Martin Ravallion pondered the issue of caring equally about poor people wherever they may live.  He provides his thoughts on the merits of overseas development assistance (ODA) to MICs and points out several reasons why it may be time to revisit graduation thresholds. The post generated some buzz, including on The Economist’s Feast and Famine blog. Read it here. Also there are some interesting comments on his post from various experts, as well as a separate post on the topic by Shaida Badiee, Director of the Bank’s Data Group. Read them here.

Is aid data transparent? If this intrigues you, check out the “global aid data visualization” competition being run by The Guardian.  Visualize the world of aid and it’s transparency and win $2000. The competition ends on 29 November, 2012. Find out more here.

Friday Roundup: Economically shrinking G7, Africa's youth, Chinese labor, Sandy's costs, and Industrial Policy

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This week a new forecast and analysis from the OECD highlights how, by around 2025, China's and india's combined GDP will likely exceed that of all the current Group of 7 rich economies. Read it here.

Mo Ibrahim, entrepreneur and billionaire, talks in a video clip about how the promise and risks inherent Africa's demographic bulge require bringing youth to the table when discussing not just jobs, training and places in top schools, but they should also be in on governance discussions.

CNBC-TV18 India talks to Kaushik Basu on Growth

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Following is the trancscript of Kaushik Basu's interview with CNBC-TV18, India, which first appeared on www.moneycontrol.com.

In an interview to CNBC-TV18, Kaushik Basu, chief economist, World Bank said the growth situation has to be taken seriously. "I do believe that, for India, there has to be all focus on growth."

Despite the fact that compared to the rest of the world, India is doing well, he said, it has the potential to get right back to 8.5 percent growth. "We have to put all hands on growth and try to get it back again up as quickly as possible," he added.

Q: You have been appointed as World Bank’s chief economist. So, the view from the inside has now changed to the view from the outside, has not it?

A: A little bit. Three months ago, I moved from the heart of Indian policymaking to seeing it from outside.

Friday Roundup: Unemployment, Jobs, Sectors, and Rethinking Development

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How do you measure unemployment? By counting the number of people looking for work but unable to find it. However, this measure overlooks people willing to work and not necessarily looking for jobs. In an interesting chart, The Economist illustrates how a broader measure makes unemployment in Europe look even worse
 

Friday Roundup: Manufacturing, Inequality, and the MDGs

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For those of us following the US Election 2012, the words ‘manufacturing’ and ‘jobs’ are hard to miss. Building on that buzz, The Economist recently conducted a debate: “Will manufacturing return to the West?” While the US election is a good ten days away, the decision on this debate is out: Manufacturing will return to the west. Irrespective of the verdict, both the sides – opposing and defending the motion- have provided numerous insights in to the trends that are unfurling in China and US. Read them here.

Inequality, alongside jobs, is the proverbial elephant in the room amidst the US presidential elections. Joe Stiglitz has a new 'Campaign Stops' blog in the New York Times online that draws on The Economist magazine's special series from earlier this month. Stiglitz discusses the perils of underplaying the great divide between the one percent in the US and the middle class. Meanwhile, on the other side of the debate, Kevin Hasset of the American Enterprise Institute along with Aparna Mathur, write in the WSJ that inequality studies that focus mainly on pre-tax incomes are flawed because they overlook transfer payments such as food stamps, unemployment insurance and other safety net programs. Read the article here.

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